Cult.fit made a significant leadership move in FY24, appointing Co-founder Naresh Krishnaswamy as CEO. He succeeds Co-founder Mukesh Bansal, who has taken on the job of executive chairman. While the company's scale increased by more than 30% under the new leadership, losses remained consistent in the previous fiscal year.
Cult.fit reported a 33.6% growth in operational revenue to Rs 927 crore in FY24 from Rs 694 crore in FY23. Fitness subscription income, including flagship services such as Cultpass and Cult.fit centers, as well as platform services, accounted for 72.3% of overall revenue, which climbed by 46.6% to 670 crore. The sportswear and fitness equipment category, managed by Cultsport and other operating services, contributed Rs 257 crore.
Cult.fit reported a 62% decrease in other income to Rs 100.45 crore in FY24 from Rs 265.36 crore in FY23, owing to a drop in Miscellaneous income that the business did not disclose. However, Cultfit's total income in FY24 was Rs 1,027 crore.
Cult.fit relies on a hybrid fitness business, integrating digital products via its app with physical training clubs in 300 locations across India. It offers subscription-based fitness plans (Cultpass), which include access to gyms, group classes, and virtual training.
Employee benefit expenses accounted for Rs 324 crore of expenditures, which included Rs 236 crore in salary and Rs 57 crore in employee share-based payments. The cost of materials for Cult.fit increased by 19.6% to Rs 396 crore in FY24.
In FY24, its advertising and promotional costs increased by 40.3% to Rs 188 crore, while legal costs rose by 57% to Rs 124 crore. Information technology, travel, and other expenses increased the overall cost by 4.7% to Rs 1,563 crore in FY24 from Rs 1,493 crore in FY23.
